‘Absolute Nonsense’: Obasanjo Blasts Tinubu Over Borrowing

Former Nigerian President Olusegun Obasanjo harshly rebuked President Bola Tinubu over his assertion that borrowing is not comparable to leprosy, branding it "absolute nonsense." Obasanjo's criticism came during a public forum focused on leveraging artificial intelligence to address grassroots issues and spur national development in Abeokuta, Ogun State. Tinubu had made the statement in April, asserting that his administration would continue to borrow as needed, without viewing it as a negative action.

The former president's criticism arose amid growing public concern over Nigeria's escalating debt burden and the substantial portion of national revenue dedicated to servicing that debt. Obasanjo lambasted Tinubu's comment, arguing that while leprosy affects only one individual, debt has the potential to devastate entire generations. He questioned Nigeria's economic stewardship, noting that the naira's exchange rate had plummeted from 1:1.85 to 1:1500 over the past 47 years since he began farming.

Obasanjo also questioned the competence of Nigeria's political leadership, querying what decisions they had made and what they were capable of doing for the populace. He further criticized Nigeria's reliance on foreign institutions, particularly the World Bank and the International Monetary Fund (IMF), arguing that their policies did not align with Nigeria's unique circumstances.

Obasanjo emphasized that these institutions were not tailored to Nigeria's needs, having been established before the country's independence, and that their policies were imposed rather than developed.